Aboki Naira To Dollar Black Market Rate Today 29th January 2025

As of today, January 29, 2025, the unofficial or “black market” exchange rate for the Nigerian Naira against the US Dollar shows signs of volatility, reflecting Nigeria’s currency’s ongoing economic challenges in the informal sector.

According to sources, the buying rate for the US Dollar in the parallel market stands at approximately N1,630, while the selling rate is slightly higher at around N1,640. These rates indicate the average transactions occurring across various parts of the country, although they can vary from one dealer to another and from one location to another due to the unregulated nature of the market.

This adjustment in the black market rate comes as the Nigerian government under President Tinubu aims to tackle inflation, with goals to bring it down from 34.6% to 15% by the end of 2025. Despite these ambitions, the black market continues to serve as a barometer for the real purchasing power of the Naira, often diverging significantly from the official rates set by the Central Bank of Nigeria (CBN).

The discrepancy between the official and black market rates underscores the complexities of Nigeria’s foreign exchange market. Supply and demand dynamics in the informal sector often lead to higher rates than those in the official market. Factors contributing to this include low foreign exchange reserves, high demand for dollars for personal and commercial use, and ongoing economic policies to stabilize the Naira.

Vigilance is advised for those engaging in currency exchange. Rates from multiple Bureau De Change (BDC) operators should be verified, as they can fluctuate rapidly based on local market conditions, news, and policy changes. The black market remains a critical part of Nigeria’s economic landscape, offering a glimpse into the real economic strain and resilience of the Naira in the face of global economic pressures.

Disclaimer: The rates mentioned are based on informal reports and should only be used as a guide. One should refer to the Central Bank of Nigeria or authorized financial institutions for accurate and official exchange rates.